Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-The nation’s sluggish economy may have deterred some companies from moving into new quarters, but that hasn’t stopped the Northern Corporate Center from filling its office space. The 72,000-sf building at 1600 E. Northern Ave. has gone from having no tenants to 90% occupied in the last 10 months.

“This is the only building I know that has gained 90% occupancy in the past 10 months. It’s done very well,” Jeff Wentworth, vice president for Grubb & Ellis Co.’s office division in Phoenix, tells GlobeSt.com. “Everyone who goes through it really loves it.”

Wentworth credits owners Doug Dragoo and Steve Barger with Northern Corporate Center LLC with turning around the building. Once home to Bank One’s financial division, the building was purchased by the two investors about a year ago for more than $5 million and renovated into office suites.

“The building was really beat up and the new owner came in and basically refurbished the entire property. They took the building back to show condition,” said Wentworth, noting that the property, located near the Route 53 Freeway and 16th Street features a full lobby and courtyard plus a lease rate averaging about $21.50 per sf.

Among the building’s tenants are Health Services Advisory Group, Rockwell Automation, real estate development firms and a semi-conductor company. ProNet, a technical advisory firm, also recently signed a five-year lease for 9,000 sf, leaving 6,000 sf still available for lease, Wentworth said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.